How To Make Your Relationships With CPAs Stronger

The average CPA firm services over 800 clients each year. Typically, advisors want to build relationships with a CPA with the hope of being introduced to those clients. But the reality is, most of these relationships produce less than 10 introductions each year (yes, really). Is it worth the time you invest into that relationship for just a handful of introductions each year? What if you could get more than that? It’s possible. You just have to get a little creative. Typically, the … [Read more...]

How To Avoid The Tax Season Hangover

Tax season

If you’re like most of the CPAs we know, you’re working 60-100 hours per week during tax season. Your staff is exhausted. You’re exhausted. And your family is exhausted, too, because you’re not home very much and when you are, you’re not present. It’s not good for anyone. Hang in there, soldier. You’re almost at the finish line! But wait, before you get there, there’s something you need to think about—The Tax Season Hangover. If you’ve been in business for any amount of time, you know … [Read more...]

5 Things To Consider Before You Offer Financial Services

Financial

As a tax professional, you may have thought about how you can expand your business to include additional revenue streams such as payroll and bookkeeping. And if you’re like a lot of my clients, the opportunity to provide financial services has seemed like an idea worth considering as well. The good news?  You have lots of potential revenue-generating opportunities on the table. The not so good news? Some of them can do more harm than good to the practice you’ve worked so hard to build. … [Read more...]

How To Eliminate The Rivalry With CPAs

CPAs

Financial services companies have been competing with CPAs in the accounting and tax business for years. Many CPAs are or are in the process of becoming licensed investment advisors. As a Financial Advisor, you may find yourself avoiding a CPA who list financial services or specialty insurance licenses on their websites. It's easy to assume that the “most trusted advisor” badge automatically goes to those whose title includes those 3 little letters. This week I’d like to focus on why things … [Read more...]

How To Answer The Not-So-Quick Estimated Tax Payments Question

estimated tax

This month we’re focusing on answering some of the most common “quick questions” that clients asked. If you missed our previous posts in this series, you can find them here, here, and here. All caught up? Great! Let’s jump into our final quick question: “How much should I pay in estimated tax payments?” It may seem easy enough to take whatever your client paid last year, divide by 4, and turn that figure into your “estimated quarterly taxes" number. But before you do that, let’s back up just … [Read more...]

Key Tax Terms You Need To Know To Win The Tax Game

tax terms

Welcome back! This month we're talking about all things tax related, including tax terms. If you missed our other posts this month, we invite you to check them out now. To learn how to choose the right entity, click here. To find out how you can take advantage of some surprising tax deductions, check this out. And to get your arms around tax obligations you need to know about, look here. This week we want to share some key tax terms you need to know to win the tax game. While CPAs are … [Read more...]

Tax Obligations You Need To Know About

obligations

This month we're talking about everybody’s favorite topic: taxes and tax obligations. We know, we know…it’s actually not your favorite topic, nonetheless, it’s a very important topic so it’s something we’ve got to address. If you missed our first two posts this month, make sure you check out our posts on How To Choose The Right Business Entity and Surprising Tax Deductions—both are full of insights you need to know. This week we'll be continuing our series by talking about tax obligations … [Read more...]

How To Make Net Operating Losses Tax Wins

tax

Regardless of what you think about President Trump politically, there’s one thing we can all agree he knows how to do well: play the tax game. While on the campaign trail last fall, The New York Times reported that Trump took an astounding $916 million loss on his 1995 income-tax return—which equates to more than 9,000 times the average amount claimed that year by all of the other Americans that applied business losses to offset personal income and, get this, opened the door to possibly … [Read more...]

How To Answer The Not-So-Quick Entity Question

When it comes to entity selection, there really isn’t a general “rule of thumb”.  Most business owners consult their attorney to determine which entity is appropriate, but in many cases, they’re making a big mistake if they don’t seek counsel from their tax team before choosing their entity. But you know that. Let’s talk about something you may not know. And that’s how to answer the entity question when it’s posed by small business owners. Often laden with misconceptions and advice they’ve … [Read more...]

Surprising Tax Deductions For Financial Advisors

Deductions

Last week we kicked off the month by giving you the information you need to decide which entity is best for you. This week, we want to talk about something that you might find to be a lot more fun—tax deductions! As a Financial Advisor, you can deduct your mileage and other auto expenses, office rental, employee wages and contract labor. But did you know there are a plethora of other things that you may be able to deduct on your taxes? Keep reading to learn about some truly surprising tax … [Read more...]